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2 About the Authors Suresh Bhaskaramurthy, Senior Business Consultant Suresh Bhaskaramurthy brings rich experience from the Insurance and IT Services industries. He currently leads the global research and innovation initiatives at TCS' Insurance and Healthcare Innovation Lab. He specializes in developing and managing next generation solutions in Insurance, involving the latest and niche technologies. He is a Bachelor of Commerce from the University of Madras and a Fellow Member of the Insurance Institute of India (FIII). He is an Associate Member of the Institute of Cost Accountants of India (ACMA). Praveen Kumar Talagadadeevi, Business Architect Praveen Kumar Talagadadeevi specializes in Property and Casualty Insurance, including next generation applications relevant to its niche areas. He has been instrumental in conceptualizing new ideas and developing leading-edge functional designs for various Innovative P&C solutions in TCS' Insurance and Healthcare Innovation Lab. He holds a Bachelors' Degree in Electrical and Electronics Engineering and is an Associate in Personal and General Insurance (API, AINS) from The Institutes, AICPCU. Srivathsan Karanai Margan, Business Consultant Srivathsan Karanai Margan, brings extensive experience in the insurance and IT industry. He has hands-on experience on end-to-end insurance processes and has led various IT initiatives for Life & Pension insurers. He is currently involved in identifying and creating next generation solutions with TCS' Insurance and Healthcare Innovation Lab. He is a Bachelor of Mathematics from the University of Madras, a certified Fellow of the Insurance Institute of India (FIII) and an Associate, Annuity Products and Administration (AAPA) from Life of Management Association (LOMA).

3 About the Authors Niranjan Vallur Nagarajan, Research Consultant Niranjan Vallur Nagarajan is a domain research expert in Property and Casualty Insurance. He was actively involved in executing key transformational projects across Actuarial, Underwriting and Policy Administration for various North American insurers. He currently focuses on disruptive innovation research and strategizing new age business design for futuristic solutions in Insurance and Healthcare. He holds a Bachelors' Degree in Computer Science and Engineering, and an MBA in International Business (Finance).

4 Abstract The rise of the Internet of Things (IoT) and the fast adoption of smart devices worldwide is making 'connectedness' a fundamental aspect of consumers' lives. The resulting disruption is forcing businesses to redefine and reimagine how they can interact with and benefit from the new connected consumer, at their homes, with their health, and while they commute. Homes are becoming smarter with connected sensors and automation, opening up possibilities for remote monitoring and loss control. Smart devices that can be worn, implanted or consumed, allow the tracking of physical movements and vital body signals, creating a new wave in the space of remote healthcare. Sensor devices can track driving behavior, diagnose vehicle status and monitor unsafe conditions during commute, to produce alerts, real-time feedback and promote accurate risk assessment. These disruptions are creating massive reverberations in their respective core and affiliated domains. The Insurance industry focuses on mitigating claims related losses with high concern, and the phenomenon of connectedness brings significant opportunities in risk assessment and prevention. This paper evaluates how connectedness will enable and challenge insurers with a more proactive and individualized view of risk. It also crystal-gazes at some of the imminent business model and regulatory changes that the insurance industry may face.

7 Over time, the evolution of technology and mass adoption of smart devices will trigger a data deluge. With the requisite big data analytics capabilities, insurers can analyze current and historical data, identify relevant patterns, and derive predictive insights necessary for enhanced preventive care or risk control. These insights will form the basic building blocks of smart devices -driven decision making, which is crucial for providing preventive care. Insurance of the Future A connected ecosystem offers policyholders and insurers the opportunity for early identification of potentially risky events associated with home, health or commute, and the ability to mitigate them much before they manifest. It also enables insurers to redefine product development, sales and distribution, underwriting, servicing and claims, delivering the following enhancements: Reimagine Product Features: Insurers can move beyond the conventional practice of post loss indemnification, and design products that factor in the possibility of proactive loss prevention. Smart device data will enable Insurers to make personalized product recommendations to their customers based on individualized risk profiles. Leverage Additional Touch Points: Insurers will be able to tap into the data collected from new interaction touch points such as smartphones, connected TV, wearables and other smart devices to connect as well as improve sales conversion. Harness Real-time Risk Data: By drawing upon real-time connected data, underwriters can accurately match the customer's risk exposure to an appropriate premium. This will allow insurers to move away from conventional risk assessment that was driven by historical loss characteristics of the entire rating class, to adopt a personalized risk based pricing model, where premium revisions are based on loss/risk conditions of the policyholder measured during the policy period. Transform claims handling: Real-time connected data can help insurers to proactively respond to fortuitous claims. Insurers can identify the cause of loss to process and settle a claim before the loss is notified by the policyholder. This reduces the degree of physical verification by claims specialists, helps establish the coverage applicability, and reduces the risk of fraudulent claims. Consumerization and Digital Enablement: Products and services offered will be customized and tailor-made to individual customer needs. The digital enablement of these offerings will redefine customer engagement by giving an omni-channel experience. These facilitators will power the industry to break the convention of merely providing protection against loss and move towards proactive prevention of risk to match the ever dynamic expectations of the customers. To stay relevant and competitive in the new ecosystem, insurers must transform themselves from being just service providers into holistic care providers. Customer's world: In the personalized world of the customer, insurers will focus not only on selling insurance but also becoming a constant and inseparable companion alongside the customer in their life journey. The pervasive engagement by the insurers will inconspicuously touch every facet of customer's life thereby creating a sense of trust, belonging and emotional bond which will result in effortless and natural fruition of insurance product sales. 7

8 Real-time Risk mitigation Maintenance and Repair sensors Listening Appliances independent living interconnectedness Omni-channel smart TV Seamless Experience utility consumption Personalization lifestyle choices Social collaboration Education long term value transactions pregnancy and child care elderly care vacation Financial future retirement planning Home improvement Sentroller Privacy Virtual protection Health Smart device Activity Tracking Emergency response Quantified Self Fitness Tracking Privacy Remote care networking long term care Digital Friend Connected commute Vehicle diagnostics safety fuel travel Convenience wellness hobbies Active aging Profile identity Traffic management telematics Purchases Stress Rewards infotainment embedded technology Figure 3: Customer's World The following sections examine three spheres of connectedness - policyholders' homes, health and automobiles which are at various levels of maturity and the potential impact of each on insurers. Smart Residences and Proactive Loss Mitigation A connected home or smart residence can provide real-time risk information, which will alert and educate homeowners and policyholders to adopt necessary risk management initiatives to assess and reduce potential loss events from various in-home perils. Perilous events such as water damage, theft, fire, explosion and mold account for the largest share of in-home losses and homeowner's claims. These can be controlled and mitigated by connected sensors that measure operating conditions like humidity, occupancy, temperature, and smoke. To realize these possibilities, property insurers are partnering with machine-to-machine (M2M) vendors and data providers who have the capability to directly alert policyholders on imminent risks. Instead of relying on conventional attributes such as previous claims history for underwriting, insurers will leverage connected data on the conditions within the property to accurately predict the loss making characteristics of their clients and prospects. The data recorded by the smart devices and sensors can also help insurers to assess the behavioral and morale hazard associated with policyholders. Insurers can compare the conditions of the property before and after a proactive risk alert to assess the degree of care and actions taken by the policyholder. This behavioral aspect will be considered along with the measured operating conditions of the property to provide policyholders with 'condition based discounts' on property insurance premiums. 8

10 Insurers will evolve to allocate a certain portion of premiums for providing preventive repair and maintenance services instead of post loss claim settlement. This will drive the creation of new products and services specific to proactive care in contrast to traditional products, which focus on post loss claims settlement. In spite of all mitigation efforts, there could be claims triggered by natural events for which the data recorded by smart devices during the loss event will help. The claim adjusters can assess the degree and impact of property damage, process claims with reduced physical investigation, and improve the policyholder's overall claims settlement experience. The Evolving Connected Healthcare With global increase in longevity, incurrence of chronic ailments and lifestyle diseases, the traditional healthcare service model is fast proving insufficient. As the need for effective healthcare services reaches a tipping point, growth in supporting technologies to provide remote care, assistance and treatment becomes essential. This, in turn, is driving the accelerated acceptance of connectedness in the healthcare industry. Wellness Care Critical Care Health Info Exchange Remote Monitoring & Care Emergency Services Insurers & Social Care At Risk Care Figure 5. Evolving Connected Healthcare 10

11 Until recently, technological innovations in the healthcare segment focused on providers, physicians and the supporting players. The advent of smartphones driven health applications, the growth of wearable technology, evolving capabilities of sensor devices, and advancements in machine-to-machine (M2M) communications have shifted the focus of healthcare toward end-customers. Connected health is currently implemented in the wellness care segment, where healthy and active people are monitored for their daily activities and well-being. Some of the devices measure the current vital signs, and do a comparative analysis against past measurements. Healthcare providers are gradually exploring the concept in the patient care or un-wellness segment as well. Specialized sensor devices that are either worn by or implanted into the patient, monitor the health condition of the patient 24x7, identify the rate of recovery and help provide remote critical care. These devices constantly monitor the vital parameters, and trigger an alert to medical practitioners and emergency care services when they observe an outlier. In the unfolding healthcare system, institutions and professionals will become collective stakeholders. Advancements in information and communication technology in healthcare will result in seamless real-time integration of the processes involved across all stakeholders. New expert systems will enhance the capability to make discerning decisions, and effectively support un-wellness monitoring and treatment. Driven by connected health, complex service models in healthcare like seamless care, shared care, collaborative care and home hospitals that are patient-centric are likely to emerge. Medical information exchanges may become the single source of information on patient health. Connected devices are likely to own a few activities in patient care that have been traditionally people dependent. The volume of real-time health data, in addition to other associated dimensions, will redefine the basic tenets and operating models of healthcare insurance. Insurance companies are currently enticing customers with discounts, for embracing wearable devices to self-regulate their lifestyle habits. Proactively monitoring the health of patients will prevent inflated claims pay-outs. In addition, new patient profiling methods and segments will evolve. Insurers will use the actual behavior modeling and analytics to arrive at the appropriate risk- based premium. Special insurance products may be developed to effectively cater to the unwell population, who are often treated unfairly as per the existing guidelines. Shifting Gears to Connected Commuting The connected auto paradigm is comparatively more mature in terms of technological evolution, insurance adoption and prominence. Many companies have started to invest heavily in vehicle performance and driving behavior analytics to make sense of vehicle and driver data. Two related stakeholders, auto manufacturers and insurance firms, need these data for differentiated product experience and risk segmentation respectively. 11

12 Automated incident reconstruction and claim processing Live weather traffic and event data for safer commutes. V2V communication to reduce the claim frequency Realtime driving analysis and feedback Sensor driven vehicle diagnostics for proactive maintenance and repair Personlized coverages and pricing based on driving profile Figure 6. Opportunities in Insurance from Connected Commuting Advanced driver assistance systems like adaptive cruise control, intelligent speed detection, lane change assistance, and collision warning are gaining traction, and will soon find their way into mainstream usage. In the event of an accident, the vehicle can immediately send out real-time information including time and location to provide timely assistance and save lives. Insurance carriers have embraced telematics to design discounts on premiums based on accurate insights gathered on drivers. Telematics enables insurers to manage customer risk on a continuous basis. Usage based insurance (UBI) devices connected to the vehicle dashboard, or mobile-based telematics apps are utilized to monitor driving behaviors. Data including sudden acceleration, hard braking, over speeding, frequent lane changes, cornering, miles driven, time of drive, and travel routes help make robust inferences on how safe one drives. The biggest advantage is that this can be done remotely and in real time. 12

13 Big Data platforms help collate the voluminous driving statistics, compare the data with that of benchmark drivers, and assess the risk profile of drivers on an ongoing basis. Analytics help in providing real-time risk alerts, tips and recommendations to improve the driving behavior. This presents an opportunity to categorize risk segments alter the premium rates, and reduce loss exposures. Actuaries are breaking away from traditional modeling which used limited information available on location, credit scores, demography and so on, to create risk models that are closer to reality. These models help in offering customized insurance products and services, and giving critical importance to policyholders' safety, which eventually lowers claim-related costs. In the near future, automated cars or driverless cars will further change the insurance ecosystem by reducing the human involvement in a risk event. The vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connected technologies will minimize traffic congestion, alert drivers in real time, and reduce accidents. This will bring down premiums on a broad scale. Though safer driving conditions diminish the need for an insurance cover that focusses on the driver, other perils such as theft, vandalism or hail damage will remain relevant. Foreseeing a Paradigm Shift in Insurance We have seen how IoT and increasing connectedness is expected to bring about a transformation in the insurance business. The following sections explore in detail the expected shifts in risk categorization and selection, customer engagement and policy servicing. Crumbling Cross Leverage In addition to risk pooling, insurers have traditionally enjoyed the comforts of cross leveraging to balance the excess risk from one customer segment with low risk from another. With personalization technologies, crossleveraging of risk is disintegrating and paving the way for individualized risk assessment. For example, in auto insurance, with the adoption of usage based insurance, cross-subsidizing the loss from a bad driver with profits generated by a good driver may not remain to be a possibility. Usage and Behavior Based Insurance Usage and Behavior Based Insurance will change how the risk is assessed and priced for a specific customer. It will drive value across the entire ecosystem by providing differentiated customer experience, superior risk segmentation and reduced loss leakages. Using the connected data insurers will design customer targeted flexible products and offer risk covers additions and changes based on the behavioral pattern. For instance, insurers analyze and assess the personalized risk of a driver based on connected data, and calculate the premium based on usage and driving behavior patterns. In health and life insurance, the wearables and implants will provide insights on the customer activities and health parameter levels with which insurers can offer premium discounts as well as specific risk covers. and riders. 13

14 Personalized Cost of Cover As connectedness becomes the new normal due to the proactive risk prevention and at-risk care methods adopted, the risk experience of insurance companies will charter a new path. As the transition happens, it will be a challenge for insurers to dynamically model the risk. To estimate the cost of coverage for the new risk experience, insurers may need to extrapolate the empirical risk data until the new and actual experience becomes predictable. Technology advancements enable insurers to procure real-time data and calibrate the experience against estimation to revise their risk models. This will help the insurers to charge near accurate rates for risk and the customers will pay behavior-factored personalized premium. Preferential Insurance The presence of connected smart things across the spectrum will bring in personalization and transparency to risk assessment. While insurers can predict the risk exposure in connected automobiles and homes, they need to tread carefully in predicting the predisposition of a health problem in life and health insurance due to privacy and regulatory restrictions. Evaluating and predicting risk could mean different things to insurers and individuals: n n Insurers profile individuals based on futuristic risk estimation with reasonable accuracy and target only profitable customers, ignoring the sub-standard risk classes Due to transparency brought in by connectedness, individuals foresee the risks they are actually susceptible to, and insure themselves for those unbundled risk components leading to adverse selection. Preferential selection of this nature is likely to disrupt the fundamentals of insurance. A revised legal framework for risk assessment will be required to prevent excessive risk profiling, ensuring that the interests of both policy holders and insurers are protected. Collaborative Impact Connected life creates a unique and unexplored collaborative impact for insurance companies. Traditionally, insurers evaluate the risk of a specific subject (human being/home/auto) for a specific line of business on a standalone basis. The level of risk of one line of business does not have any impact on the other. For example, the peril evaluation of a home is done based on the type of the home, security aspects, geographical location, and other factors within the home. The mortality risk of a person living in that house is assessed based on factors such as his/her age, health and so on. The risk level of the home is not factored while calculating the life risk of the person. The condition of the home might be poor, or the conditions maintained within the home might impact the health of the person, and longevity. There is no way this could be studied or calibrated in the current scenario, but connectedness changes this. The collaborative impact of one condition or risk on the other can be identified, tracked, monitored, controlled and calculated. This will open up immense possibilities while calculating a specific risk. 14

15 Challenges in Connectedness To transform their business to leverage connectedness, insurers must ensure that the following needs are met in terms of protection of data, and issues dealing with errors and device failures. Ensuring Data Privacy and Security As the IoT gets personal, insurers need to have access to all information on customers, to calibrate and arrive at the personalized cover and cost. However, privacy and security of the data will be critical for customers to agree to share data to receive some benefits from the insurer. Internet-based connectedness offered by smart devices across connected homes, auto and health increases the potential of a cyber attack. A cyber attack in a connected ecosystem can inflict property damage and physical injury to the consumer, which outweighs the benefits provided in terms of risk prevention. Policyholders may seek enhanced personal cyber attack protection or coverage along the lines of what has been conventionally limited to commercial entities. Considering the high level of customer sensitivity regarding health and home data, the customer identification and data protection regulations need to evolve to assuage the concerns of insurers and customers. Insurance regulators need to astutely observe the dynamics in the new ecosystem, and regulate the adoption and usage of connected insurance products. Managing Connected Errors If a connected device is in disrepair, it may trigger an erroneous alert or action. This may cause simple to extreme damage to a property or an individual's health. It may not be possible to identify and fix the responsibility on the erroneous stakeholder. Crises like these have the potential to wreak havoc in the connected ecosystem. For instance, in connected health, a sensor might wrongly read and interpret a patient's physical condition, and trigger the actuator to administer a medicine which results in an undesired response. Events like these can affect the credibility of connected things, and lead to irreparable damage to healthcare stakeholders including insurance providers. In a connected ecosystem that is sensor driven, the responsibility of mitigation and control of losses will shift from policyholders to sensors and connected devices. Subrogation, which is an essential part of insurance loss recovery, will see a dramatic change with increased adoption of connected homes and automobiles in insurance. However, if there is a sensor or a smart device malfunction during the occurrence of a loss event, there may be challenges in identifying and fixing the comparative negligence and liability proportion on the associated stakeholders. For example, a sensor might fail to alert, a smart device may fail to take corrective action, and there could be a fault in the response by the service provider or the policyholder. Singularly or collectively, these may result in the failure to mitigate or reduce an identified loss event. This will pose additional challenges for the insurers to identify the degree of fault and establish recovery from multiple parties, which might be responsible for the loss. 15

16 Insurance in the Connected Ecosystem - Beyond Horizon Scanning With the rapid pace of technological evolution and the eventual interconnectedness of all ecosystems, scenarios such as connected home, integrated health and smarter transportation becoming mere subspaces within the larger connected ecosystem will soon be a reality. The larger futuristic IoT ecosystem will comprise multiple stakeholders, diverse devices, networks, platforms and various service providers. The hyper-connected ecosystem will evolve and tread towards creating a digital strategy for the enterprises, driving businesses to blur the divide between the physical and digital worlds by providing an omni-experience to their customers. Insurers will be able to identify risks in a superior manner, underwrite precisely and continuously, offer omni-channel personalized assistance and influence customer behavior. Strong and rewarding relationship with the Consumers (policyholders) bringing next generation customer experience Connected Home Centralized Hub, Sensors, Actuators, Interconnected appliances Smart Transportation Telematics, Smart Navigation and Assistance, Infotainment Integrated Healthcare Wellness and Fitness Wearables, At-Risk Care, Heath info exchanges Consumer Telecommunication and Network Providers Ecosystem Partner Stakeholders will collaborate to create a larger ecosystem creating a hyperconnected network Partner Stakeholders OEM and Sensor Manufacturers Healthcare Services Repair and Maintenance providers Car Manufacturers Traffic/energy control systems Big data Analytics Plug and Play, m2m Connectivity Integrators Remote Sensor Monitoring Interfaces Cloud Hosted Services Data Sharing and Portability Interfaces Social Engagement channels and interfaces Data Security and Encryption IT Solution/platform Providers & Aggregators can create end-to-end capabilities for business and provide enablers to drive their digital strategy Technology Providers Automatic software /firmware upgrades Insurers Create Omni-channel Customer Experience Integrated Value Chain Continuous and Precise Underwriting Customer engagement Personalized Assistance Proactive Loss Mitigation and Claims Settlements Superior Risk Segmentation Insurers with more contextual data on customers can segment risk more appropriately, reach out through various touch points providing personalized assistance and create an Omni-channel experience Figure 7. Hyper-connected Ecosystem The connected ecosystem will shift the paradigm in the way consumers interact with everything around them. It offers the possibility of harnessing powerful and smarter insights for better decision making across all aspects of business. Insurers with more contextual data on customers will have to rethink how they define new risks, create new products, and develop new operating models and market-driven strategies. To leverage the benefits of connectedness, insurers need to ensure that they have the ability to retrieve data from smart things, the architecture to hold the enormous influx of diverse data, and an analytics platform that can provide intelligence to make insightful decisions. Insurers have to invest in partnerships with multiple stakeholders 16

17 in the connected ecosystem to facilitate proactive loss control. They may have to collaborate with sensor and machine-to-machine (M2M) providers, and third party service providers who serve as an information exchange, or as service providers for care, maintenance and cure. They also need to partner with IT vendors who can provide support in building an effective architecture and platform to capture, transmit and analyze the connected data. Insurance as a core business will evolve in the new de-commoditized environment by creating its own ecosystem and insurers will take additional roles, by becoming aggregators or service integrators themselves and crosspollinating with other industry verticals. The eventual disruption by IoT and the associated gadgetry will lead to insurers adopting hybrid cloud-based systems, improvising customer engagement channels and social interfaces, building truly customer-centric business models, and reimagining their digital strategy on the whole. 17

18 About TCS' Insurance Business Unit With over four decades of experience in working with insurers globally, TCS delivers solutions and services to help insurers meet rising customer and agent expectations, address non-traditional competitors, manage low investment yields, and drive growth in emerging global markets. TCS has built an unmatched track record in enabling insurers transform, enhance business agility, improve operational efficiencies and increase customer engagement, while ensuring regulatory compliance. 7of the 10 world's largest insurers and over a hundred insurers globally partner with TCS. Our state-of-the-art innovation labs and global solution centers, and cutting edge solutions and technologies set clients apart from their competitors. We leverage the combined expertise of our industry trained and certified (LOMA, LIMRA, CPCU and so on) consultants to support the entire value chain for Life, Annuities and Pensions, Property and Casualty, Health, Commercial and Reinsurance companies. Contact For more information about TCS' Insurance Business Unit, visit: Subscribe to TCS White Papers TCS.com RSS: Feedburner: About Tata Consultancy Services (TCS) Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled infrastructure, engineering and TM assurance services. This is delivered through its unique Global Network Delivery Model, recognized as the benchmark of excellence in software development. A part of the Tata Group, India s largest industrial conglomerate, TCS has a global footprint and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at IT Services Business Solutions Consulting All content / information present here is the exclusive property of Tata Consultancy Services Limited (TCS). The content / information contained here is correct at the time of publishing. No material from here may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from TCS. Unauthorized use of the content / information appearing here may violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. Copyright 2015 Tata Consultancy Services Limited TCS Design Services I M I 03 I 15

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